Marimaca Copper (ASX:MC2) plans to raise up to around CA$409 million via a public offering of common shares at a price of CA$10 per common share and a brokered placement of Chess depositary interests at a price of AU$10.35 per Chess depositary interests, according to a Wednesday Australian bourse filing.

The offering will consist of treasury offering of its common shares and Chess depositary interests up to around CA$136 million and a secondary offering of existing common shares and Chess depositary interests owned and controlled by Greenstone Resources II, Greenstone Co-Investment No. 1, and certain other shareholders of up to around CA$273 million.

The net proceeds from the treasury offering will be used to advance the Marimaca project in Chile, as well as for working capital and general corporate purposes, per the filing. The net proceeds of the secondary offering will be payable to the selling shareholders.

Both the offering and the placement are expected to close on or about Feb. 26.